Abstract

Purpose – Testing several approaches for implied volatility modeling and forecasting.

Design/methodology/approach – Comparative empirical study with four traded options.

Findings – Non-parametric higher-order spline is better than parametric stochastic volatility inspired (SVI) in China.

Research limitations/implications – Our results imply that even though popular on Wall Street, SVI seems not to be utilized by traders and market-makers in China.

Practical implications – Traders may consider higher-order splines as a better method for implied volatility modeling and forecasting.

Originality/value – Propose to model and forecast implied volatility via the fifth-order spline interpolation as a first; initiates studies of the empirical performance of SVI and the fifth-order spline models in implied volatility modeling and forecasting.

Researchers at Okayama University of Science have discovered that bitter taste receptors—the same type found on the human tongue—exist inside cancer cells and play a key role in multidrug resistance (MDR). These receptors sense anticancer drugs within the cell and activate molecular pumps that expel the drugs, preventing them from working effectively. This groundbreaking finding reveals a new biological function for taste receptors beyond the tongue and skin, where they normally serve as a defense system against harmful substances. The study, published in Scientific Reports (Nature Research), suggests that blocking these receptors could stop cancer cells from developing drug resistance. Because MDR is one of the biggest challenges in chemotherapy, this discovery opens a promising new path for improving cancer treatment. The research team believes that combining bitter taste receptor blockers with conventional anticancer drugs could enhance treatment outcomes and help advance chemotherapy into a new era of precision medicine.

Industrial dyes used in textiles, plastics, paper, and cosmetics make wastewater vividly colored and potentially toxic. Many of these dyes resist normal treatment, threatening aquatic life and human health. Now researchers have harnessed machine learning to predict how well biochar, a carbon-rich, low-cost material made from plant waste, can remove these stubborn pollutants from water.

Scholar finds evidence from far-flung global regions about benefits of Indigenous fire sovereignty. Melinda Adams applying her knowledge to the land in cooperation with tribe in Kansas.

Five-axis machining plays a pivotal role in manufacturing complex industrial components. In a recent study, researchers introduced a surface-partitioning and iso-scallop field-based strategy tailored for non-spherical cutting tools. By adaptively dividing machining surfaces and generating smooth tool orientations, the method significantly shortens tool paths, reduces machining time, and improves surface quality. This breakthrough not only enhances industrial productivity but also provides a foundation for integrating intelligent optimization in smart manufacturing.

The study reveals a new regulatory mechanism controlling the biosynthesis of tanshinones and phenolic acids in Salvia miltiorrhiza (Danshen), a key herb in traditional Chinese medicine. Researchers identified SmCSN5, a subunit of the COP9 signalosome complex, as a stabilizing partner of the transcription factor SmMYB36, which simultaneously promotes tanshinone synthesis and represses phenolic acid formation. SmCSN5 prevents SmMYB36 degradation through the ubiquitin–proteasome pathway and enhances its transcriptional activity under methyl jasmonate induction. This work uncovers a post-translational control layer coordinating secondary metabolism in medicinal plants, providing new insights for metabolic engineering to selectively enhance pharmacologically active diterpenoid compounds.

Salicylic acid (SA) plays a pivotal role in plant defense, yet its genetic regulation in tea remains largely unexplored. By analyzing 299 tea accessions through genome-wide association studies (GWAS) and genotyping-by-sequencing (GBS), researchers uncovered a key gene—CsNCED1—that negatively regulates SA-mediated immune responses. Overexpression of this gene increased abscisic acid (ABA) levels and weakened pest resistance by suppressing SA biosynthesis and its receptor signaling pathway. The findings reveal the antagonistic interplay between ABA and SA in determining tea plants’ susceptibility to biotic stress, offering crucial genetic resources for marker-assisted breeding of insect-resistant cultivars.

Grapevine berries possess remarkable metabolic flexibility that enables them to sustain growth even when photosynthetic carbon input is restricted. By integrating analyses of 42 metabolites, 21 enzyme activities, and transcriptomic data, researchers revealed how Vitis vinifera berries adjust central carbon metabolism under carbon limitation. The study found that glycolytic intermediates and amino acids accumulated to maintain osmotic and energy balance, while tricarboxylic acid (TCA) intermediates remained stable. Despite these metabolic changes, most enzyme activities showed minimal response, indicating tight regulatory coordination at the post-transcriptional level. These findings highlight the adaptive mechanisms of grape berries to carbon stress, providing insights into managing fruit quality under climate change.

Abstract

Purpose – We are the first to investigate the relationship between seasoned equity offerings (SEOs) and anchoring on historical high prices in China.

Design/methodology/approach – We use the ratio of the recent closing price to its historical high in the previous 12–60 months (anchoring-high-price ratio) to study its impact on the market timing of SEOs.

Findings – Empirical results show that the anchoring-high-price ratio significantly and positively affects the probability of additional stock issuances. Contrary to the USA market, the Chinese stock market reacts negatively to the SEOs at historical highs. Moreover, the anchoring-high-price ratio exacerbates the negative effect of announcements and leads to long-term underperformance. Finally, we investigate the impact of the anchoring-high-price ratio on a company’s capital structure, showing that the additional issuance anchoring on historical highs reduces the company’s leverage ratio in the long run. Overall, our findings support the anchoring theory and can help understand better the anchoring behavior of managers and the company’s decision on additional stock issuances.

Originality/value – We are the first to use the anchoring-high-price ratio to study the timing of SEOs. We find that the anchoring-high-priceratio positively affects the probability of SEOs. Unlike the USA, the Chinese stock market reacts negatively to SEOs at high prices. SEOs anchoring on historical highs reduce a firm’s leverage ratio in the long run. Finally, our results support the anchoring theory.